Asia-Pacific’s private equity (PE) activities faced a downturn in 2023, with total deal value and fundraising hitting a decade low at USD147bn and USD100bn, respectively, Bain & Company revealed. The decline was attributed to economic uncertainties, resulting in a 35% drop in deal value and a 30% decrease in deal volume from the five-year average. Japan defied regional trends with a 183% increase in deal value, highlighted by major transactions such as Toshiba’s USD16bn sale. In contrast, China and India experienced significant declines in deal values and mega deals. The technology sector’s dominance waned, shifting investor interest towards more stable sectors like energy. Active funds capitalised on reduced competition, with top funds increasing their share of deal value, suggesting strategic adjustments to the challenging market.